Chicken volume dipped 3.5 percent in the quarter, but sales rose due to higher prices. The company also boosted beef prices, but the increases could not offset a 12.5 percent drop in volume. Port sales slipped despite a 5 percent volume increase. Prepared foods sales and volume were basically flat.

For the full year, Tyson Foods Inc. earned $583 million, or $1.58 per share. That compares with $750 million, or $1.97 per share, in the previous year.

Going forward, Tyson Foods cautioned that the severe drought conditions that plagued the U.S. earlier this year lowered grain supplies, which will lead to increased costs for cattle and hog producers and higher grain costs.

Tyson cited government forecasts that overall domestic protein production is expected to drop 2 percent in the new fiscal years. Still, the company said Monday that it foresees fiscal 2013 revenue rising to about $35 billion, mostly due to price hikes reflecting decreased supply.